Ebix, a global provider of software and e-commerce services to the insurance, financial, and healthcare industries, has emerged from Chapter 11 bankruptcy after being acquired by BSE-listed Eraaya LifeSpaces. The company is now debt-free worldwide and exited Chapter 11 proceedings in less than nine months, according to a statement.
“Ebix will continue to be a US-domiciled company, adhering to the laws of the respective international geographies it operates in,” the company stated. “Eraaya’s investment in Ebix will not adversely affect any of Ebix’s responsibilities in any geography, as the company will continue to operate as usual.”
The US-based entity had filed for bankruptcy in January. It also operates an Indian subsidiary, EbixCash, which experienced the resignation of two directors shortly after the filing.
Founder Robin Raina will remain in his role as chief executive officer and chairman of Ebix and has also been appointed as chairman of the board for Eraaya.
Ebix’s international subsidiaries across the world that service clients in more than 75 countries, will continue to operate as usual. Ebix’s entire international senior management that has spearheaded Ebix’s growth and profitability story for more than two decades, will continue as usual and will lead Ebix through its future growth. All international client agreements will continue to be serviced as such, following the existing client and partner agreements under the laws of the respective country, while being serviced by the same Ebix personnel who have always been interacting with clients, as usual.
From: financialexpress
Financial News
